-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GeVzLa/j+Oqi0oJwsfXJbOVC9apJliwTl42zS1fKm0yHL9p29lLsPS+XL1KYVibW y23elNiefEZ02EWhL72v5g== 0001240139-03-000012.txt : 20030806 0001240139-03-000012.hdr.sgml : 20030806 20030806161547 ACCESSION NUMBER: 0001240139-03-000012 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FCCC INC CENTRAL INDEX KEY: 0000730669 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 060759497 STATE OF INCORPORATION: CT FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 001-08589 FILM NUMBER: 03826418 BUSINESS ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 5TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2038557700 MAIL ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 5TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: FIRST CONNECTICUT CAPITAL CORP/NEW/ DATE OF NAME CHANGE: 19920929 10QSB 1 d10qsb.htm FORM 10-QSB d10qsb test2


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
________________

FORM 10-QSB

(Mark One)
þ


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2003

 

OR

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________


Commission File number: 811-0969


FCCC, INC.
(Exact name of small business issuer as specified in its charter)

Connecticut
(State or other jurisdiction
of incorporation or organization)

06-0759497
(I.R.S. Employer Identification No.)

200 Connecticut Avenue, Norwalk, Connecticut 06854
(Address of principal executive offices)

(203) 855-7700
(Issuer's telephone number)

The First Connecticut Capital Corporation
1000 Bridgeport Avenue, Shelton, Connecticut 06484
(Former name, former address and former fiscal year, if changed since last report)

 

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ   No o


APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares outstanding of the issuer's Common Stock, as of August 5, 2003, was: 1,423,382

Transitional Small Business Format: Yes o  No þ


TABLE OF CONTENTS

INDEX

PART I--FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

 

Balance Sheet

 

 

Statements of Income

 

 

Statements of Cash Flows

 

 

Statements of Changes in Stockholders' Equity

 

 

Notes to Condensed Financial Statements

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

 

ITEM 3. CONTROLS AND PROCEDURES

PART II--OTHER INFORMATION

 

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

SIGNATURES

EXHIBIT INDEX

EXHIBIT 31.1

EXHIBIT 31.2

EXHIBIT 32.1

EXHIBIT 32.2


FCCC, INC.

FORM 10-QSB

INDEX

 

 

 

Page

PART I--FINANCIAL INFORMATION

ITEM 1.

 

FINANCIAL STATEMENTS

 

 

 

Balance Sheet

1

 

 

Statements of Income

2

 

 

Statements of Cash Flows

3

 

 

Statements of Changes in Stockholders' Equity

4

 

 

Notes to Condensed Financial Statements

5

ITEM 2.

 

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

6

ITEM 3.

 

CONTROLS AND PROCEDURES

7

 

 

 

 

PART II--OTHER INFORMATION

ITEM 4.

 

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

8

ITEM 6.

 

EXHIBITS AND REPORTS ON FORM 8-K

9

 

 

SIGNATURES

10

 

 

EXHIBIT INDEX

11

 

ii


PART I--FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

FCCC, INC.
Balance Sheet
As of June 30, 2003 (unaudited)
(Dollars in thousands, except share data)

 

 

 

ASSETS

 

 

Cash and cash equivalents

 

$  1,067

Due from FCCC Holding Company, LLC

 

1,137

Due from stockholders

 

       252

 

 

 

TOTAL ASSETS

 

$  2,456

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

Liabilities:

 

 

Accounts payable and other accrued expenses

 

$      72

 

 

 

TOTAL LIABILITIES

 

       72

 

 

 

Commitments and contingencies

 

 

STOCKHOLDERS' EQUITY:

 

 

Common stock, no par value, stated value $.50 per share,

 

 

 

authorized 3,000,000 shares,

 

 

 

issued and outstanding 1,423,382 shares

 

712

Additional paid-in capital

 

9,380

Accumulated deficit

 

  (7,708)

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

    2,384

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$  2,456

 

 

 

See notes to financial statements.

 

1


FCCC, INC.
Statements of Income
For the Three Months Ended June 30, 2003 and June 30, 2002
(Dollars in thousands, except share data)

 

 

June 30, 2003
(unaudited)

 

June 30, 2002
(unaudited)

INCOME FROM CONTINUING OPERATIONS

$   -  

 

$   -  

 

 

 

 

DISCOUNTINUED OPERATIONS:

 

 

 

 

 

 

 

(Loss) income from discontinued operations including gain on sale of assets of $50

(55)

 

235

Income tax expenses

      74

 

     101

 

 

 

 

(Loss) gain on discontinued operations

   (129)

 

     134

 

 

 

 

NET (LOSS) INCOME

   (129)

 

     134

 

 

 

 

(LOSS) INCOME PER COMMON SHARE (BASIC AND DILUTED)

   (0.11)

 

     0.11

 

 

 

 

Weighted average number of common shares outstanding (basic and diluted):

 

 

 

 

Basic

1,173,382

 

1,173,382

 

Diluted

1,204,321

 

1,173,382

 

 

 

 

See notes to financial statements.

 

2


FCCC, INC.
Statements of Cash Flows
For the Three Months Ended June 30, 2003 and June 30, 2002
(Dollars in thousands)

 

 

June 30, 2003
(unaudited)

 

June 30, 2002
(unaudited)

OPERATING ACTIVITIES

 

 

 

 

Net (loss) income

$   (129)

 

$   134

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

 

 

 

 

 

Depreciation

1

 

1

 

 

Decrease in deferred tax asset

72

 

80

 

 

Changes in asset and liabilities for discontinued operations:

 

 

 

 

 

 

(Increase) decrease in loans and asset held in lieu of foreclosure

(1,151)

 

198

 

 

 

Decrease (increase) in other assets

8

 

(33)

 

 

 

Decrease in accounts payable to related parties

(154)

 

(203)

 

 

 

(Decrease) increase in accounts payable and other accrued expenses

     (36)

 

     287

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

(1,389)

 

464

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

Decrease in loans held for sale - discontinued operations

    896

 

    523

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

896

 

523

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

Increase (decrease) increase in line of credit borrowings - discontinued operations

  1,530

 

   (503)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

  1,530

 

   (503)

 

 

 

 

 

 

 

 

INCREASE IN CASH AND CASH EQUIVALENTS

1,037

 

484

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, BEGINNING

      30

 

     437

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, ENDING

$   1,067

 

$   921

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest

$       56

 

$      46

 

Cash paid for taxes

$         6

 

$        8

 

 

 

 

 

 

 

 

See notes to financial statements.

 

3


FCCC, INC.
Statements of Changes in Stockholders' Equity
For the Three Months Ended June 30, 2003
(Dollars in thousands, except share data)

 

 

 

 

 

 

 

Common Stock

 

 

 

 

Number of Shares

    Amount    

Paid-In Capital

Accumulated
     Deficit     

Total Stockholders'
         Equity          

BALANCE, March 31, 2003 (audited)

1,173,382

$   587

$  9,253

$  (7,579)

$  2,261

 

 

 

 

 

 

Issuance of shares

250,000

125

127

-   

252

 

 

 

 

 

 

Net Loss

            -   

            -   

            -   

       (129)

       (129)

 

 

 

 

 

 

BALANCE, June 30, 2003 (unaudited)

1,423,382

$       712

$     9,380

$  (7,708)

$  2,384

 

 

 

 

 

 

See notes to financial statements.

 

4


FCCC, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

The accompanying condensed financial statements of FCCC, Inc. (the "Company"), formerly known as The First Connecticut Capital Corporation and The First Connecticut Small Business Investment Company, have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-QSB and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements.

The interim financial statements reflect the results of the sale consummated as of June 30, 2003 of all the Company's operating assets and liabilities (excluding cash and certain deferred tax assets) ("Asset Sale") to FCCC Holding Company, LLC, a Connecticut limited liability company ("Holding"), pursuant to the terms of an Asset Purchase Agreement dated June 28, 2002, as amended ("APA"). Simultaneously with the closing of the Asset Sale, the Company consummated the sale of an aggregate of 250,000 shares of Common Stock, at a price of $1.00 per share, and 5-year Warrants to purchase 200,000 shares of Common Stock, exercisable at a price of $1.00 per share, at a purchase price of $.01 per Warrant, to Bernard Zimmerman, the current President and Chief Executive Officer of the Company, and Martin Cohen, the current Chairman of the Board and Treasurer of the Company, or their affiliates ("Stock Sale"). As a result of the above transactions, all operating results have been reflected as discontinued operations of the Company, as the Company is no longer operating in the mortgage banking business. In addition, the Company has written off the deferred tax asset totaling $72,000 as of June 30, 2003, as the collectibility of the asset is uncertain at this time.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair representation have been included. Operating results are not necessarily indicative of the results which may be expected for the year ending March 31, 2004 or other future periods. For further information, refer to the financial statements and notes thereto included in the Company's Annual Report on Form 10-KSB for the year ended March 31, 2003.

Prior to the Asset Sale, the Company was engaged in the mortgage banking business, which involved the origination, purchase, sale and servicing of mortgage loans secured by residential or commercial real estate.

NOTE B - SALE OF COMPANY'S BUSINESS AND ASSETS

The Company consummated the sale, as of June 30, 2003, of all its operating assets and liabilities (excluding cash and certain deferred tax assets) to Holding pursuant to the terms of the APA. The purchase price of the assets and liabilities assumed was approximately $1,137,000, as adjusted. The Company has recognized a $50,000 gain from the sale of the operating assets and liabilities under the APA to Holding. The Company has reflected all amounts due pursuant to the Asset Sale from Holding, and all amounts due from the Stock Sale, as assets as of June 30, 2003. These amounts were substantially paid on July 11, 2003.

5


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

This quarterly report and other reports issued by the Company, including reports filed with the Securities and Exchange Commission, may contain "forward-looking" statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that deal with future results, plans or performances. In addition, the Company's management may make such statements orally, to the media, or to securities analysts, investors or others. Forward-looking statements deal with matters that do not relate strictly to historical facts. The Company's future results may differ materially from historical performance and forward-looking statements about the Company's expected financial results or other plans are subject to a number of risks and uncertainties. This section and other sections of this quarterly report may include factors which could materially and adversely impact the Company's financial condition and results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company undertakes no obligation to revise or update any forward-looking statements after the date hereof.

OVERVIEW

On July 11, 2003, the Company consummated the sale, as of June 30, 2003 (the "Closing Date"), of all of the operating assets and liabilities (excluding cash and certain deferred tax assets) of the Company's mortgage business (the "Asset Sale") to FCCC Holding Company, LLC, a Connecticut limited liability company ("Holding"), pursuant to the terms of an Asset Purchase Agreement dated June 28, 2002, as amended (the "APA"). Simultaneously with the closing of the Asset Sale, the Company consummated the sale of an aggregate of 250,000 shares of its Common Stock, at a price of $1.00 per share, and 5-year Warrants to purchase 200,000 shares of Common Stock, exercisable at a price of $1.00 per share, at a purchase price of $.01 per Warrant, to Bernard Zimmerman, the current President and Chief Executive Officer of the Company, and Martin Cohen, the current Chairman of the Board and Treasurer of the Company, or their affiliates ("Stock Sale"), pursuant to the terms of a Stock Purchase Agreement dated June 28, 2002, as amended (the "SPA"). These transactions were authorized by the Company's shareholders on June 3, 2003.

As a result of the Asset Sale, the Company has no current operations. Accordingly, the financial statements for the Company as of June 30, 2003 are presented as discontinued operations. The Company plans to continue as a public entity and intends to actively seek acquisition and business combination opportunities with other operating businesses; however, there can be no assurance that this plan will be successfully implemented. Until such an acquisition or business combination is effectuated, there will be no significant operations of the Company.

Prior to the Asset Sale, the Company was engaged in the mortgage banking business, which involved the origination, purchase, sale and servicing of mortgage loans secured by residential or commercial real estate.

ASSET SALE

Pursuant to the terms of the APA, on July 11, 2003 the Company completed the Asset Sale to Holding, as of June 30, 2003, for an aggregate adjusted purchase price of $1,137,000, not including cash on hand and the deferred tax asset. The Company has recognized a $50,000 gain from the sale of the operating assets and liabilities to Holding.

ANALYSIS OF FINANCIAL CONDITION

As of June 30, 2003, the Company has assets totaling $2,456,000. Included within the assets are $1,067,000 of cash, $1,137,000 of amounts due from Holding as a result of the Asset Sale, and $252,000 due pursuant to the Stock Sale. The adjusted amounts due from Holding were substantially paid on July 11, 2003. The amounts due under the Stock Sale were also paid on July 11, 2003.

The Company has accounts payable as of June 30, 2003 of $72,000 for legal and other professional fees incurred as a result of professional services performed in connection with the Asset Sale.

Stockholder's equity as of June 30, 2003 is $2,384,000 as compared to $2,261,000 at March 31, 2003. The increase in equity of $123,000 is attributed to the issuance of common shares and warrants for cash totaling $252,000, and is offset by the loss from discontinued operations for the quarter ended June 30, 2003 totaling $129,000.

The Company does not have any arrangements with banks or financial institutions with respect to the availability of financing in the future.

The Company is obligated under two letters of credit issued by the Company to two Connecticut municipalities for building compliance on construction projects relating to the Company's prior mortgage business. The first letter of credit is issued to the Town of Glastonbury in the amount of $13,865 and expires on November 1, 2003. The second is issued to the Town of Fairfield in the amount of $2,750 and expires on October 8, 2003. As a condition to the Asset Sale, Holding placed $16,615 in escrow at Closing to secure the obligations of the Company under the letters of credit. No amounts have been drawn or are expected to be drawn on these letters of credit.

6


RESULTS OF DISCONTINUED OPERATIONS

As described above, the Company is not currently operating or generating revenues in the normal course of business. Accordingly, the following discussion of results of discontinued operations is not indicative of the Company's future operations.

For the quarter ended June 30, 2003, the Company had a loss from discontinued operations totaling $129,000 as compared to a gain of $134,000 for the quarter ended June 30, 2002. The reason for the reduction in earnings from the quarter ended June 30, 2002 is primarily attributed to: (i) an increase in professional fees of $171,000 as a result of the Asset Sale; (ii) a $36,000 realized loss in the Company's investment in the equity and earnings of certain partnerships in which the Company had a prior interest; (iii) the write-off of the $72,000 deferred tax asset, as the collectibility of the asset is uncertain as a result of the Asset Sale; and (iv) the recording of a $50,000 gain as a result of the Asset Sale.

PLAN OF OPERATION

As noted above, the Company has no current operations and intends to actively seek acquisition and business combination opportunities with another operating business. Until such an acquisition or business combination is effectuated, there will be no significant expected operations of the Company. Accordingly, the Company may not achieve sufficient income to offset its operating expenses, which could create operating losses that may require the Company to use and thereby reduce its cash on hand.

Pursuant to the terms of the APA, within three (3) months after the Closing Date, the Company shall declare and pay a cash dividend to stockholders, pro rata, based upon the then outstanding number of shares of the Company's Common Stock, of all cash (if any) on hand in excess of approximately $1,500,000, provided such dividend equals or exceeds $0.15 per share. Although the Company cannot definitively predict whether a dividend will be declared and paid and, if declared and paid, what the exact amount of the dividend will be, the Company expects that a dividend pursuant to the APA of approximately $0.40 to $0.50 per share will be declared and payable by the end of September, 2003. The actual per share dividend, if any, could differ materially from these amounts depending upon various factors.

Additionally, pursuant to the terms of the SPA, in the event that the Company is unable to consummate a material merger, acquisition or business combination transaction or series of transactions (defined as having an aggregate value in excess of $750,000) within three (3) years of the Closing Date (subject to a three (3) month extension in the event the Company is then involved in good faith negotiations to consummate a material transaction or transactions), then upon the request of the holders of twenty percent (20%) or more of the outstanding stock of the Company held by non-affiliates of management, the Company will schedule a meeting of stockholders and solicit proxies pursuant to which the stockholders will vote on whether to dissolve and liquidate the Company. The agreement also provides that all shares held by management shall be voted in the same proportion as the non-management shares with respect to such vote.

ITEM 3.  CONTROLS AND PROCEDURES.

The Company maintains controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon their evaluation of those controls and procedures performed within 90 days of the filing date of this report, the Chief Executive and Chief Financial officers of the Company concluded that the Company's disclosure controls and procedures were adequate.

The Company has made no significant changes in its internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation of those controls by the Chief Executive and Chief Financial officers.

7


 

PART II--OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Company held its Annual Meeting of Stockholders on June 3, 2003. The following items were voted upon and the results of the voting were as follows:

 

(1)

To approve the Asset Purchase Agreement, dated June 28, 2002, as amended, for the sale of the Company's mortgage business and assets. The votes of the stockholders were as follows: 827,984 votes For, 30,793 votes Against, 9,357 votes abstained and 131,062 broker non-votes.

 

 

 

 

(2)

To approve the Stock Purchase Agreement, dated June 28, 2002, as amended, for the issuance and sale of 250,000 shares of the Company's Common Stock and Warrants to purchase 200,000 shares of the Company's Common Stock. The votes of the stockholders were as follows: 821,296 votes For, 37,315 votes Against, 9,524 votes abstained and 131,062 broker non-votes.

 

 

 

 

(3)

To elect Martin Cohen, Michael L. Goldman, Lawrence R. Yurdin, Bernard Zimmerman and Jay J. Miller to the Company's Board of Directors. The votes of the stockholders were as follows:

 

 

 

 

 

NAME               

  FOR  

WITHHELD

 

 

 

Martin Cohen

985,640

13,557

 

 

 

Michael L. Goldman

985,640

13,557

 

 

 

Lawrence R. Yurdin

982,220

16,977

 

 

 

Bernard Zimmerman

985,640

13,557

 

 

 

Jay J. Miller

985,540

13,657

 

 

 

 

 

(4)

To approve the Company's 2002 Equity Incentive Plan. The votes of the stockholders were as follows: 794,027 votes For, 56,180 votes Against, 17,928 votes abstained and 131,062 broker non-votes.

 

 

 

 

(5)

To approve an amendment to the Company's Certificate of Incorporation, as amended, to change the name of the Company to "FCCC, Inc." The votes of the stockholders were as follows: 970,954 votes For, 20,712 votes Against and 7,531 votes abstained.

 

 

 

 

(6)

To ratify the appointment of Saslow Lufkin & Buggy, LLP as the auditors of the Company for the fiscal year ending March 31, 2003. The votes of the stockholders were as follows: 973,198 votes For, 18,856 votes Against and 7,143 votes abstained.

 

 

 

8


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

 

(a)

Exhibits.

 

 

 

31.1

Section 302 Certification of Chief Executive Officer

 

 

 

31.2

Section 302 Certification of Chief Financial Officer

 

 

 

32.1

Section 906 Certification of Chief Executive Officer

 

 

 

32.2

Section 906 Certification of Chief Financial Officer

 

 

 

(b)

Reports on Form 8-K.

 

 

 

Form 8-K filed on June 4, 2003 announcing the results of the Annual Meeting of Stockholders.

 

 

Form 8-K filed on June 10, 2003 announcing corporate name change to FCCC, Inc.

 

9


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned duly authorized.

 

 

 

FCCC, INC.

 

 

 

 

By:

/s/Bernard Zimmerman                                    
Name: Bernard Zimmerman
Title: President and Chief Executive Officer

 

 

 

 

By:

/s/Lawrence R. Yurdin                                    
Name: Lawrence R. Yurdin
Title: Chief Financial Officer

 

Dated: August 6, 2003

10


EXHIBIT INDEX

Exhibit No.

Description

31.1

Section 302 Certification of Chief Executive Officer

31.2

Section 302 Certification of Chief Financial Officer

32.1

Section 906 Certification of Chief Executive Officer

32.2

Section 906 Certification of Chief Financial Officer

11


EX-31 3 d302ceo.htm EXHIBIT 31.1 d302ceo test

CERTIFICATION

I, Bernard Zimmerman, certify that:

1.

I have reviewed this quarterly report on Form 10-QSB of FCCC, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

 

(a)

designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and

 

(c)

presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.

The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

(a)

all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6.

The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

 

 

 

 

 

 

/s/Bernard Zimmerman                                    
Name: Bernard Zimmerman
Title: President and Chief Executive Officer

Dated: August 6, 2003

 

 

 

 

 

EX-31 4 d302cfo.htm EXHIBIT 31.2 d302cfo test

CERTIFICATION

I, Lawrence R. Yurdin, certify that:

1.

I have reviewed this quarterly report on Form 10-QSB of FCCC, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

 

(a)

designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)

evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and

 

(c)

presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.

The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

 

(a)

all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and

6.

The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

 

 

 

 

 

 

/s/Lawrence R. Yurdin                                    
Name: Lawrence R. Yurdin
Title: Chief Financial Officer

Dated: August 6, 2003

 

 

 

 

 

EX-32 5 d906ceo.htm EXHIBIT 32.1 d906ceo test

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the filing of the Quarterly Report on Form 10-QSB for the period ended June 30, 2003 as filed with the Securities and Exchange Commission (the "Report") by FCCC, Inc. (the "Registrant"), I, Bernard Zimmerman, President and Chief Executive Officer of the Registrant, hereby certify that:

1.

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2.

The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of Registrant.

 

 

 

/s/Bernard Zimmerman                                    
Name: Bernard Zimmerman
Title: President and Chief Executive Officer

 

Dated: August 6, 2003

EX-32 6 d906cfo.htm EXHIBIT 32.2 d906cfo test

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the filing of the Quarterly Report on Form 10-QSB for the period ended June 30, 2003 as filed with the Securities and Exchange Commission (the "Report") by FCCC, Inc. (the "Registrant"), I, Lawrence R. Yurdin, Chief Financial Officer of the Registrant, hereby certify that:

1.

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and

2.

The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of Registrant.

 

 

 

/s/Lawrence R. Yurdin                                    
Name: Lawrence R. Yurdin
Title: Chief Financial Officer

 

Dated: August 6, 2003

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